If you are considering applying for Social Security Disability Insurance (SSDI) benefits, one of your primary concerns may be the amount of financial support you can expect. Understanding the maximum SSDI benefit of 2024 can help you plan for your future. You can also ensure you have the resources to manage your expenses. SSDI benefits serve as a crucial lifeline for millions of Americans who are unable to work due to a severe disability. These benefits can help cover essential costs, such as housing, food, medical care, and other daily living expenses.
However, navigating the complex world of SSDI can be overwhelming, especially when determining your potential benefit amount. Many factors, such as your work history, earnings, and the nature of your disability, can impact the amount of benefits you receive. At Fusco, Brandenstein & Rada, P.C., our New York Social Security disability attorneys can help you explore the maximum SSDI benefit for 2024 and provide the information you need to understand better how your benefits are calculated. We can also discuss the role of substantial gainful activity (SGA) and the trial work period (TWP) in determining your eligibility for SSDI benefits.
Maximum SSDI Benefit 2024
The annual cost-of-living adjustments (COLAs) are expected to cause an increase in the maximum SSDI benefit for 2024 from the 2023 maximum. The exact 2024 maximum benefit is $3,822. This benefit is determined by the Social Security Administration (SSA) based on inflation and other economic factors. It’s important to note that most SSDI recipients receive less than the maximum benefit. This is because the amount is based on their average lifetime earnings before becoming disabled.
Factors That Affect Your SSDI Benefit Amount
Several key factors influence your SSDI benefit amount:
- Your average indexed monthly earnings (AIME) throughout your working years
- The number of years you were working and paid Social Security taxes
- The age at which you became disabled
- Your current income and resources (only for SSI benefits, not SSDI)
Social Security Disability Benefits Pay Chart
The SSA uses a complex formula to calculate your SSDI benefit amount based on your AIME. The formula applies fixed percentages to different portions of your AIME to arrive at your primary insurance amount (PIA), which is the base amount used to determine your monthly benefit. To estimate your potential SSDI benefit, use the SSA’s online benefits calculator or contact your local SSA office for assistance.
Substantial Gainful Activity (SGA) in 2024
In 2024, the SGA amount for persons with disabilities other than blindness is $1,550 monthly. For those who are blind, the amount of earnings that indicate SGA is $2,590 per month. These amounts determine whether an individual engages in substantial work activity, affecting their eligibility for SSDI benefits.
Trial Work Period (TWP) in 2024
The SSA uses monthly earnings to determine if a month counts as a TWP month, which will be $1,110 per month in 2024. The TWP allows SSDI recipients to test their ability to work over at least nine months without losing their Social Security benefits.
SSDI Payment Schedule for 2024
The SSDI issues monthly payments based on your birthday. In 2024, the payment schedule will likely follow the same pattern as previous years:
- Individuals whose birthdays fall between the 1st and the 10th of the month will be receiving benefits on the second Wednesday of every month.
- If your birthday falls between the 11th and the 20th of the month, the Social Security Administration will issue your SSDI payments on the third Wednesday of each month.
- Individuals with birthdays from the 21st to the 31st will receive their SSDI payments on the fourth Wednesday of each month.
It’s essential to keep your contact and banking information up to date with the SSA to ensure that you receive your payments on time.
Managing the complexities of Social Security Disability benefits can be challenging, but Fusco, Brandenstein & Rada, P.C. can help. Our experienced disability attorneys have been assisting New Yorkers for over 40 years. We understand the program’s ins and outs and can help you maximize your benefits. We will also ensure you meet all eligibility requirements.
Contact an Experienced Attorney Today
At Fusco, Brandenstein & Rada, P.C., we recognize that every client’s situation is unique. That’s why we take a tailored approach to each case, taking the time to understand your unique needs and challenges. Our attorneys will work closely with you to gather medical evidence, complete the required paperwork, and present the strongest possible case to the Social Security Administration.
We know the SSDI application process can be lengthy and frustrating, with many claims initially denied. Our team commits to stand by your side throughout the entire process, from your initial application to any necessary appeals.
Call Fusco, Brandenstein & Rada, P.C. today at 516-496-0400 or contact us online to take the first step towards securing your SSDI benefits. Let us put our decades of experience and commitment to client success to answer your questions and work for you.